AMP reveals the lengths it takes to become customer-centric

Wealth and financial management provider details the transformative steps and cultural changes necessary for keeping up with customers

Wealth and financial management provider, AMP, has kicked off a host of transformative steps to become a customer-centric business, according in its latest financials, shining a valuable light on what it takes to keep up with customers in the connected age.

The ASX-listed group reported solid full-year financial results this week, including an underlying profit rise of 7 per cent to $1.12 billion for the full-year to 31 December 2015, and net profit increase of 10 per cent to $972 million. Key contributors were the Australian wealth management, AMP Capital, AMP Bank and New Zealand divisions, which all reported stronger operating earnings.

“This is a very good performance against a backdrop of challenging markets in the second half,” commented AMP chief executive, Craig Meller, who added business efficiency programs were also on track.

“AMP has a clear focus to be a more customer centric, efficient and international organisation. The execution of this strategy is unlocking the long-term potential of our business, which we are confident will continue to deliver value for our shareholders.”

While AMP’s financials should be well received by the market, it’s the steps it’s taking to become a customer-oriented enterprise that provide the best reading.

Over the past two years, AMP has been putting in place the core infrastructure required to become a customer-centred business. The company kicked off the journey in 2013, appointing its first chief customer officer, Paul Sainsbury, as well as a dedicated customer relations team.

Read more: Why digital delivery lies at the heart of AMP's customer transformation

On AMP’s list of ongoing strategic priorities is building a customer goals-oriented enterprise. In its FY15 financial report, the company said consumer research had “built conviction in taking a goals-based approach to products and services”, which will be rolled out from 2016. This work identified four priority goals, which are being used to provide new customer solutions this year.

AMP is also working to build a next-generation, face-to-face advice model based on customer goals. Thanks to the success of five pilot sites this year, AMP said it will extend this approach to 30 practices as well as automate several back-end processes.

New infrastructure has also been put in place for better omni-channel experience, including a new customer and data analytics systems, and customer interactions engine. The latter is already being piloted on targeted campaigns and next best offer-driven conversations across digital, call centre and adviser channels, with 20 campaigns in testing in the first half of this year.

These are tied into a new-look digital portal, which includes and integrated banking and wealth platform, mobile and tablet apps, new website and content management systems.

In addition, AMP has deployed a customer feedback and measurement system across 122 teams, as well as established organisational capabilities in human-centred design and behavioural economics. The company said customer-facing teams are now using this customer feedback to identify and improve service.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

How service heterogeneity is impacting engagement

Marketers have long known the importance of standardising products to assure quality and consistency. For services, however, standardisation is much more complex.

Dr Chris Baumann

Associate professor, Macquarie University

Kindness matters in business: why the nice guys finish first

A recent 1000-page Royal Commission report on misconduct in Australia’s financial sector revealed hair-raising stories of excessive commissions, rampant mis-selling and charges levied on the dead. So how do you stop a bank from misleading its customers?

Nick Liddell

Director of Consulting, The Clearing

Myer vs. David Jones: Do cyborgs win?

As two of Australia’s stalwart brands in Myer and David Jones continue their respective journeys through troubled waters, it heralds yet another sign of the shifting business environment and shift towards an experience economy.

Tom Uhlhorn

Founder and strategy director, Tiny CX

nice article

meripadhai

5 things marketers need to do to get better in buy in when presenting

Read more

International business is closely related to marketing or marketing activities carried out by the company. According to Gitman and McDani...

Eko Prasetyo Utomo X

Salesforce: The age of the marketing campaign is over

Read more

Back in 1968 Holden began an appeal to customers who have an interest in competition. It did this with the introduction of the HK GTS 32...

Ben Tate

Marketing professor: For Holden, brand nostalgia ain’t what it used to be

Read more

Your blog post is really good and informative. Thanks for taking time to provide us this useful information with us.Auto wrapping uaeADF ...

Yes Machinery

Image intelligence:10 must-see infographics for marketers

Read more

A debt of gratitude is in order for sharing this marvelous information.I have taken in numerous things from your post

digitech Classes

Lumen CMO strives to make the brand synonymous with anti-ageism

Read more

Latest Podcast

More podcasts

Sign in